Assignmentstore is an one stop solution for all your assignment needs with 100% unique solutions from high qualified Instructors.

Get HelpNow





    ECON 203 Part II

    Part II:  Very short answer.  Each numbered question or lettered sub-question is worth the same amount as a multiple choice question or explanation.

    Refer to the diagram below for questions 9-12 (continued on the next page.)  This diagram represents the cost structure for a single perfectly competitive firm. 

    15.       A) At a price of P3, what quantity will the firm produce?  Why?

                B) Are they making a profit? 

                C) What will happen in the long run?

    16.       A) At a price of P3, what quantity will the firm produce?  Why?

                B) Are they making a profit? 

                C) What will happen in the long run?

    Use the diagram below represents a portion of the cost and revenue structure of an individual firm.  Us this to answer question 23.

    1. A) What is the firm’s optimal output quantity (g or h)? 
    • How does it decide to produce this amount? 
    • At what price (d, e or f) will the firm sell its product? 
    • Is this a competitive market?  Explain.

    Use the following data from a small entrepreneurial manufacturing firm to answer questions 24-26.

    Entrepreneur’s potential earnings as a salaried worker = $65,031

    Annual lease on building = $34,082

    Annual revenue from operations = $290,064

    Payments to workers = $160,003

    Utilities (electricity, water, disposal) costs = $8,097

    Entrepreneur’s potential economic profit from the next best entrepreneurial activity = $80,106

    Entrepreneur’s forgone interest on personal funds used to finance the business = $6,219

    1. What are the entrepreneur’s explicit costs?
    1. What are the entrepreneur’s implicit costs?

    To access the complete answer towards the above assignment email: help@assignmentstore.com or chat with us live.